Airtel Payments Bank, India's first payments bank, has announced a strategic tie-up with Hindustan Petroleum Corporation Limited (HPCL), wherein the fuel stations will also work as banking points for Airtel Payments Bank.
The banking points will offer facilities of cash deposit and withdrawal and account opening to the payment bank's customers. HPCL's 14000 fuel stations will become Airtel Payments banking service points and would make accessing banking services convenient for its customers.
The tie-up will further help expand Airtel Payments Bank's existing 3 lakh Airtel retail outlets. THe customers are set to benefit as they will be able to make digital payments for fuel through mobile phones and the customers would not be charged any transaction fee, as it is a digital payment.
With a customer base of approximately 10 million people since launch, Airtel Payments Bank will be able to use Hindustan Petroleum Corporation Limited's reach by enabling all its cash surplus petrol stations to be used as ATM points for customers of the bank. the tie-up is a win-win for both and will ultimately benefit the customers at large.